India’s external debt decreases by 2.7%

Speed Post News Network

New Delhi : India’s external debt stock stood at US$ 471.9 billion at end-March 2017, decreasing by US$ 13.1 billion (2.7 % ) over the level at end-March 2016.The decline in external debt was due to the decrease in long-term debt particularly NRI deposits and commercial borrowings.

India’s external debt has remained within manageable limits and the external debt situation has improved in 2016-17 over 2015-16 as indicated by the increase in foreign exchange reserves cover to debt to 78.4 % from 74.3 % and fall in the external debt-GDP ratio to 20.2 % from 23.5 %. External debt of the country continues to be dominated by the long-term borrowings, according to a PIB release. 

The 23rd issue of the Annual Publication ‘India’s External Debt: A Status Report 2016-17’ prepared by the Department of Economic Affairs, Ministry of Finance, Government of India, presents a detailed analysis of India’s External Debt position at end-March 2017, based on the data released by the Reserve Bank of India (RBI) on June 30, 2017, and data and information available from other sources, according to the PIB release.